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1、02TurningOperations...5.0RZ*08.03.200113:27UhrSeite21TURNINGOPERATIONSINTOACOMPETITIVEWEAPONSuccessfullyaligningoperationswithbusinessstrategyisamajorsourceofvaluecreation.Astructuredapproachtothemultitudeoffactorsthatfinallydefineoperationalexcellencepointsthewaytobecomingaleaderinoperation
2、s–asWal-Mart,Toyota,Dell,andAlcoahavedemonstratedintheirindustries.OPERATIONSCANCREATESUPERIORANDSUSTAINABLERETURNSTOSHAREHOLDERSOverthelastdecade,whyhasWal-Marthadtwicethereturnoninvestedcapital,15timesthesalesgrowthrate,and15timesthereturntoshareholdersofKmart?WhydoesToyotaachievealmostdou
3、blethepre-taxreturnoncapitalofGeneralMotors?HowhasDellconsistentlyoutperformedCompaqonmostfinancialmeasuresbyafactorof15ormore?HowhasAlcoaachieved2.5timesthereturnoncapitalofAlcanandPechineyandbuckedthetrendofcyclicalityinitsindustry?(Exhibit1)02TurningOperations...5.0RZ*08.03.200113:27UhrSe
4、ite31IMPACTOFOPERATIONALEXCELLENCEONSHAREHOLDERVALUETRS=Totalreturntoshareholders;ROIC=Returnoninvestedcapital;*NegativeworkingcapitalTOYOTAVS.GM(ROICPercent;pretax1998)WAL-MARTVS.KMART(Percent;1989-98)DELLVS.COMPAQ(Percent;1989-98)13.711.049.01.7x8.11.42.11.40.9KmartCompaqToyotaGM15x15x2x15
5、x27x∞x1130.6ALCOAVS.ALCANANDPECHINEY∞*(ROICPercent;pretax1998)24.423.720.421.020.42.5x10.79.9Wal-MartDellAnnualTRSROICAnnualTRSROICAlcoaPechineyAlcansalesannual1998salesannual1998growthratepretaxgrowthratepretaxSource:McKinseyThesefourleaders–andothercompanieswithstrongopera-tions–enjoymarke
6、dlysuperiorperformancerelativetotheirpeersoperationally,financially,andstrategically.Exhibit2(nextpage)offersasamplingofthesizeoftherelativeperformanceleadthattop-quartilecompanieshaveachievedinmultipledimensionsacrossmultipleindustries,basedonMcKinseyexperience.02TurningOperations...5.0RZ*0
7、8.03.200113:27UhrSeite412THEPRIZE:CAPTURINGCOMPETITIVEADVANTAGETHROUGHOPERATIONSResultsofhighervs.lowerperformingcompanies;empiricalresultsacrossmultipleindustriesOperationalexcellenceFinancialperformanceStrategicimpactProductivityTotalcostreductio
